Research Of Legal Problems On The Risk Isolation System Of Intellectual Property Securitization

With the advent of the knowledge-oriented economy, intellectual property has been core competitiveness of an enterprise. Premier Wen Jiabao once said,"Competition in the future world is the competition in intellectual property."Intellectual property has been playing a critical role in development of an enterprise and the state and become a catalytic agent of accelerated development of an enterprise. However, its own immateriality, difficulty in commercialization and other characteristics hamper achievement of its potentials. Bowie Bonds which started from the United States made securitizable assets introduced into the field of intellectual property, which established precedent of securitization of intellectual property and have expanded the channels of management and application of intellectual property.Securitization of intellectual property is an innovative application of assets securitization extending underlying assets to be securitized from tangible assets to intellectual property and falls into the category of assets securitization. Therefore, basic principles of assets securitization apply to securitization of intellectual property. As is well-known, a risk isolation mechanism is the core system of successful securitization in the process of assets securitization. Securitization of intellectual property is the innovative application of assets securitization. Similarly, the risk isolation mechanism is the guaranty for successful securitization of intellectual property. And so, the application of securitization of intellectual property cannot do without in-depth understanding of the risk isolation mechanism.The author, taking the risk isolation as the point-cut, discusses the legal principles of securitization of intellectual property and deeply explores the legal issues with the risk isolation being the core, by comprehensively utilizing theories of economics and law and employing the research methods of structural analysis and comparative analysis. Meanwhile, the author analyzes the legal barriers in securitization of intellectual property in China and puts forward corresponding legislative suggestions on such basis.This thesis is divided into five parts. Part I is Overview of Securitization of Intellectual Property, including the concept, legal essence and features, and legal principles, of securitization of intellectual property. Part II mainly discusses the connotation of securitization of intellectual property, and the two principles of the risk isolation, that is,"true sale"and"bankruptcy remote". Part III and Part IV respectively expounds legal issues related to"true sale"and"bankruptcy remote", Part III focusing on"true sale"in intellectual property, including modes and standards thereof, etc, and Part IV focusing on the construction of the SPV of the risk isolation, including the legal nature, the legal form, and the bankruptcy remote, of the SPV.Part V, based on"true sale"and existing problems of construction of the SPV, expounds major legal obstacles of securitization of intellectual property in China, and finally, on such basis, the author puts forward several suggestions for securitization of intellectual property in China.